Opinion: BlackRock may sell Bitcoin and Ethereum worth $506 billion

ChainCatcher news, according to Digital Asset, BlackRock has transferred $366 million worth of BTC and ETH to the virtual asset exchange Coinbase, suggesting a potential large-scale sell-off. According to data from LookOnChain, BlackRock transferred 1,885 bitcoins and 59,606 ethers to Coinbase Prime on August 21, with a total value of $366 million.

Market interpretations of BlackRock's asset transfer are divided. Some analysts believe this could be a simple portfolio rebalancing, while others think it may reflect a weakening of institutional investor sentiment. BlackRock's large-scale virtual asset transfer has heightened market anxiety, especially in the context of Federal Reserve Chairman Jerome Powell's upcoming speech. According to CoinMarketCap data, on August 22, the trading price of Bitcoin was $112,975.31, down 0.61% from the previous day; the trading price of Ethereum was $4,280.45, down 0.22%.